- Flewitt brings deep industrial and manufacturing expertise to
the Vertical Aerospace Board
- Follows news of industry-first pre-delivery payment commitment
from American Airlines and further conditional pre-orders of
Vertical’s VX4 from FLYINGGROUP
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace
and technology company that is pioneering zero emissions aviation,
today announces the appointment of former McLaren Automotive CEO,
Mike Flewitt, to the Board of Directors (the “Vertical Board”). An
experienced leader in the world of automotive innovation and
manufacturing, Mike further strengthens Vertical’s leadership team
which draws from industry experts in aviation, automotive and
technology sectors. Mike will join the Board’s Audit and
Certification Committees.
Mike is joining the Vertical Board having stepped down from
McLaren Automotive in October 2021 after eight years leading the
group. Mike was instrumental in driving McLaren Automotive’s growth
to become one of the world’s leading luxury supercar brands.
Prior to joining McLaren, Mike spent nine years at Ford as both
Vice President, Manufacturing, Ford Europe, and Corporate Officer,
Ford Motor Company. Before joining Ford, he held senior
manufacturing and operations roles at TWR Group Limited, AutoNova
AB (Volvo) and Rolls-Royce and Bentley Motor Cars Limited. He is an
alumnus of Salford University having qualified in Manufacturing and
Mechanical Engineering in 1987, completed a post-graduate
qualification in Management and Project Management in 1996 and
received an Honorary Doctorate from the institution in 2017.
Today’s announcement, during Farnborough International Airshow,
follows a series of new Vertical announcements and partnerships.
Recent announcements include American Airlines confirming delivery
slots and the commitment of associated pre-delivery payments, as
well as 50 conditional pre-orders from FLYINGGROUP, taking
Vertical’s industry-leading pre-order book by value to more 1,400
VX4s amounting to approximately $5.6bn in expected revenue. This is
in addition to partnerships with Babcock International for the
exploration of applications of the VX4 within Emergency Medical
Services (EMS), and a strategic partnership with Molicel as its
battery provider.
Domhnal Slattery, Chairman, Vertical added: “I am
delighted to welcome Mike to the Board, and I look forward to
working alongside him. His experience across the automotive
industry will be critical to the next phases of our journey,
playing a key role in enabling the commercialisation of our
revolutionary VX4 aircraft.”
Stephen Fitzpatrick, Founder & CEO, Vertical, said
“Mike is a fantastic appointment for Vertical; he knows how to
build and grow highly complex and technical businesses having
worked in both the high-volume and the super-luxury segments of
automotive. He will be invaluable to the business as we continue
our journey to make zero emissions aviation a reality."
Michael Flewitt, Non-Executive Director, said: “It is an
exciting time to join Vertical Aerospace. Vertical is at the
forefront of innovation in the aviation industry, and I am
delighted to have the opportunity to work alongside the team in
their efforts to grow, progress, and lead the change in zero
emissions flight. Stephen has assembled a passionate and talented
team and I look forward to playing a part towards this continued
success.”
Vertical Board
Following the appointment, the Vertical Board will comprise:
Dómhnal Slattery as Non-Executive Chairman; Independent
Non-Executive Directors Kathy Cassidy, Gur Kimchi and Mike Flewitt;
Non-Executive Director Marcus Waley-Cohen; and Executive Directors
Stephen Fitzpatrick (Founder & CEO), Harry Holt (Deputy CEO),
Vincent Casey (CFO) and Michael Cervenka (President).
About Vertical Aerospace
Vertical Aerospace is pioneering electric aviation. The company
was founded in 2016 by Stephen Fitzpatrick, an established
entrepreneur best known as the founder of the Ovo Group, a leading
energy and technology group and Europe’s largest independent energy
retailer. Over the past five years, Vertical has focused on
building the most experienced and senior team in the eVTOL
industry, who have over 1,700 combined years of engineering
experience, and have certified and supported over 30 different
civil and military aircraft and propulsion systems.
Vertical’s top-tier partner ecosystem is expected to de-risk
operational execution and its pathway to certification allows for a
lean cost structure and enables production at scale. Vertical has a
market-leading pre-order book by value for more than 1,400 aircraft
from global customers creating multiple potential near term and
actionable routes to market. Customers include American Airlines,
Virgin Atlantic, Avolon, Bristow, Marubeni, Iberojet and
FLYINGGROUP, as well as Japan Airlines (JAL), Gol, Air Greenland,
Gozen Holding and AirAsia, through Avolon’s VX4 placements.
Vertical’s ordinary shares and warrants commenced trading on the
NYSE in December 2021 under the tickers “EVTL” and “EVTLW,”
respectively.
About the VX4 eVTOL Aircraft
The piloted zero operating emissions four-passenger VX4, is
projected to be capable of travelling distances over 100 miles,
achieving top speeds of up to 200mph, while producing minimal noise
and has a low cost per passenger mile. The VX4 is expected to open
up advanced air mobility to a whole new range of passengers and
transform how we travel. Find out more: vertical-aerospace.com
Vertical Media Kit Available here
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Any express or implied statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements, including, without limitation,
statements regarding the certification and the commercialization of
the VX4 and related timelines, the differential strategy compared
to its peer group, Mr Flewitt’s impact on Vertical’s strategic
direction as a board member, and the transition towards a net-zero
emissions economy, expected financial performance and operational
performance for the fiscal year ending December 31, 2022, as well
as statements that include the words “expect,” “intend,” “plan,”
“believe,” “project,” “forecast,” “estimate,” “may,” “should,”
“anticipate,” “will,” “aim,” “potential,” “continue,” “are likely
to” and similar statements of a future or forward-looking nature.
Forward-looking statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties that could cause
actual results to differ materially from those projected,
including, without limitation: Vertical’s limited operating history
without manufactured non-prototype aircraft or completed eVTOL
aircraft customer order; Vertical’s history of losses and the
expectation to incur significant expenses and continuing losses for
the foreseeable future; the market for eVTOL aircraft being in a
relatively early stage; the potential inability of Vertical to
produce or launch aircraft in the volumes and on timelines
projected; the potential inability of Vertical to obtain the
necessary certifications on the timelines projected; any accidents
or incidents involving eVTOL aircraft could harm Vertical’s
business; Vertical’s dependence on partners and suppliers for the
components in its aircraft and for operational needs; the potential
that certain of Vertical’s strategic partnerships may not
materialize into long-term partnership arrangements; pre-orders
Vertical has received for its aircraft are conditional and may be
terminated at any time in writing prior to certain specified dates;
any potential failure by Vertical to effectively manage its growth;
the impact of COVID-19 on Vertical’s business; Vertical has
identified material weaknesses in its internal controls over
financial reporting and may be unable to remediate the material
weaknesses; Vertical’s dependence on our senior management team and
other highly skilled personnel; as a foreign private issuer
Vertical follows certain home country corporate governance rules,
is not subject to U.S. proxy rules and is subject to Exchange Act
reporting obligations that, to some extent, are more lenient and
less frequent than those of a U.S. domestic public company; and the
other important factors discussed under the caption “Risk Factors”
in our Annual Report on Form 20-F filed with the U.S. Securities
and Exchange Commission (“SEC”) on April 29, 2022, as such factors
may be updated from time to time in Vertical’s other filings with
the SEC. Any forward-looking statements contained in this press
release speak only as of the date hereof and accordingly undue
reliance should not be placed on such statements. Vertical
disclaims any obligation or undertaking to update or revise any
forward-looking statements contained in this press release, whether
as a result of new information, future events or otherwise, other
than to the extent required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220719005668/en/
Vertical Media Harry Roxburgh
nepeanverticalteam@nepean.co.uk +44 7814 372 664
Vertical Investors Eduardo Royes
investors@vertical-aerospace.com +1 (646) 200-8871
Vertical Aerospace (NYSE:EVTL)
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